MySpace slash 500 jobs for restructuring

One-time Facebook rival MySpace has announced that it's cutting around 500 jobs in a "significant organizational restructuring" - almost half its current global workforce.

According to MySpace CEO Mike Jones, MySpace's UK operation will be taken over by Fox Networks, although MySpace does aim to "retain a core dedicated international team to work with partners in order ensure users, content partners and advertisers continue to be served".

Since the rise to dominance of Facebook, MySpace has had to go niche to survive, with Jones saying at the end of 2010 that MySpace was "not a social network anymore" and that it was instead now "a social entertainment destination" - or a site focussing on entertainment and music, to you and us.

Since MySpace's shift from social network to "social entertainment destination", there have apparently been some 3.3 million new profiles created on the site, although with around 70 million users it still plays a distant second fiddle to Facebook's half billion profiles.